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Local businesses want power pie

Seek favourable terms, low interest rate, no-experience criterion for power projects

Staff Correspondent
Influential local investors, seeking power project contracts, are putting tremendous pressure on the Power Development Board (PDB) to relax implementation timelines for rental power projects.
Such projects are supposed be the fastest but costliest way of setting up power plants for meeting short-term and emergency power requirements of a country.
At a meeting with PDB yesterday, prominent local investors including Salman F Rahman, Annisul Huq, and Moazzem Hossain dished out a list of complaints regarding implementation of power projects in the country saying it is 'impossible' to set up a rental power plant within a timeline of three or six months.
"They are mainly seeking rental power project prices, but an implementation timeline equivalent to the timeline for more common barge mount power projects. They are also demanding power rental contracts for 15 years instead of three,” said a source present at the meeting. Rental power prices are the highest in the sector.
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The entrepreneurs argued in favour of protecting their investment and profitability, while promising very little regarding how fast they will be able to implement the power projects, meeting sources said. *
Energy Adviser to the Prime Minister Dr Towfique-e-Elahi Chowdhury, State Minister for Power Enamul Haque, Power Secretary M Abul Kalam Azad, and PDB Chairman ASM Alamgir Kabir were also present.
"The entire country is looking at us to see when we increase power generation. We want power as fast as possible and for cheap," Dr Towfique told reporters after the meeting.
Moazzem Hossain's company Energy Prima was awarded four rental power projects during the last caretaker government regime for implementation in three
months, but the company could not even launch two of them more than a year behind schedule.
Most of the local investors spoke strongly against foreign investment in the power sector saying, foreign companies have been draining money out of the country, and demanded that local investors be given priorities.
They said local companies will not participate in the bidding if current conditions stay in place. In reply the PDB chairman said inexperienced companies will be allowed to work in consortium with experienced companies.
The entrepreneurs also demanded an increase in land allocation for power plants, in reply to which PDB said it will review the current relevant policy.
They also demanded low interest rates on hank loans, and posting of tender documents on the PDB website.
One local investor however said there is no need to increase the timeline for setting up rental power projects.
Another entrepreneur said rental power projects are not viable for the country as only a few local companies are experienced enough in setting those up, and it is not cost effective either.
PDB Chairman ASM Alamgir Kabir made a presentation on the government's strategy and plan, saying long, medium, and short term plans are there to address the nagging crisis in power generation.
He said tenders will soon be invited for setting up eight rental power plants which will go into production within nine months of installation, producing a total of 530 megawatt of power.
Nine more peaking plants will be installed within 18 to 24 months from now, for generat-
Ing a total of 800 megawatt, he added.
Only the ministry and PDB will not be able to solve the power generation problem, rather an integrated effort of all concerned is required for that, said the power secretary.
The energy adviser to the prime minister said yesterday's meeting with potential investors had been arranged to facilitate setting up of rental power plants in different areas within a year under the government's short-term plan.
He said the government wants to design a strategy under which local investors will also be able to participate.
Dr Towfique also said the government wants to bring diversity in the country's fuel source for power generation, and import duty on furnace oil was withdrawn to that end.
"We want to bridge the gap
between demand and supply within a year," he added.
He noted that the country's GDP growth could have been 8 to 10 percent had there been no power shortage.
The state minister for power said the government wants to increase power generation in the shortest possible time.
"It's a challenge and we want to face it together," he said adding. The people want electricity, not promises."
Federation of Bangladesh Chambers of Commerce and Industry President Annisul Huq suggested that a period longer than 9 months should be allowed for setting up rental power plants, and the rental contracts should be for more than three years.
Moazzem Hossain suggested lowering of interest rates on bank loans for encouraging the local private sector to invest in the country" s power sector.